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MINNEAPOLIS - Apogee Enterprises, Inc. (NASDAQ:APOG) announced Friday that its Independent Chair Donald A. Nolan has been appointed as the company’s new Chief Executive Officer, effective immediately. Nolan succeeds Ty R. Silberhorn, who is departing after nearly five years in the role. The leadership change comes as the company’s stock has struggled, trading at $36.46, near its 52-week low of $36.40 and significantly below its 52-week high of $87.92, according to InvestingPro data.
Nolan, who joined Apogee’s board in 2013 and has served as Chairman since 2020, will assume the position of Executive Chair of the Board. Board member Patricia K. Wagner has been appointed as the company’s Independent Lead Director.
The architectural products provider stated that its board will immediately begin evaluating internal and external candidates for long-term CEO succession. InvestingPro analysis indicates the company appears undervalued based on its Fair Value assessment, despite its stock having fallen over 50% in the past year.
Nolan brings significant leadership experience to the role, having previously served as Chief Executive Officer of Kennametal Inc. from 2014 to 2016 and as President of the Materials Group for Avery Dennison Corporation from 2008 to 2014.
"I’m excited to continue fostering a growth-oriented culture at Apogee and confident in our ability to unlock strategic opportunities," Nolan said in the press release.
The company reaffirmed its fiscal 2026 outlook, projecting net sales of $1.39 billion to $1.42 billion and adjusted diluted earnings per share of $3.60 to $3.90. With a current P/E ratio of 17.85 and a dividend yield of 2.85%, Apogee has maintained dividend payments for an impressive 52 consecutive years and has raised its dividend for 14 consecutive years.
Apogee Enterprises is a provider of architectural building products and services, as well as high-performance coated materials used in various applications. With a market capitalization of approximately $784 million, the company maintains strong liquidity with liquid assets exceeding short-term obligations. Analysts have set price targets ranging from $47 to $61, suggesting potential upside despite three analysts recently revising earnings estimates downward for the upcoming period.
In other recent news, Apogee Enterprises Inc. reported its second-quarter earnings for fiscal year 2026, showcasing results that outperformed analyst expectations. The company achieved an earnings per share (EPS) of $0.98, which was higher than the anticipated $0.84, marking a 16.67% surprise. Revenue also surpassed projections, coming in at $358.2 million compared to the forecasted $351.7 million. These financial results highlight the company’s ability to exceed market predictions in both earnings and revenue. Despite these strong figures, it was noted that the stock experienced a minor decline. Investors might find these developments noteworthy as they consider the company’s financial health. The positive earnings report may influence analysts’ future assessments of Apogee Enterprises Inc. Analysts and investors will be watching closely for any further updates from the company.
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